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Subcategory of CFO News

REMOTE BUYS—Rural institutions such as Colgate University may have added purchasing woes because of supplier delivery challenges.

These purchasing managers work to save their institutions time and money through a range of strategies that result in purchasing power and wisdom from higher ed peers. Here’s how to do the same.

Adjuncts' short-term, inexpensive contracts, offering no obligation of renewal, provide institutions with much-needed options in managing budgets. But a new wave of activism is challenging the status quo.

Regulatory compliance buckets.

Ignoring compliance isn’t an option. Institutional leaders can take action to ensure they’re on the right track today and to reduce the drain on existing resources.

The emergence of two new degree programs and two graduate certificates shows the complexity of compliance.

In recent years, the rate of hiring of compliance-related administrative officers has exceeded that of faculty, says Steve Hoffman, who consults with colleges on policies and procedures regarding tax issues and concerns.

Widener University in Pennsylvania now offers a master of jurisprudence in higher education compliance through its Delaware Law School.

Some higher ed institutions are giving new technologies the ol’ college try in preparation for future financial challenges. Here’s a closer look at five compelling reasons to move beyond spreadsheets.

Adaptive Suite (Adaptive Insights)
Cloud-based performance management software for budgeting, planning, forecasting, reporting and dashboards
adaptiveinsights.com

Axiom Higher Education Suite (Kaufman Hall)
Software to support institutional planning and reporting
kaufmanhall.com

What do you see as the biggest roadblock for finance offices at colleges in moving away from spreadsheet-based budgeting and financial planning?

“​The biggest roadblock is changing existing processes that are constrained by outdated technology. With … a platform [that has] data integrations, linking, collaboration, control and a full audit trail,  finance teams can create new, efficient processes and modernize the way they work.”

—Matt Rizai, chairman and CEO, Workiva Inc.

Thinking beyond painfully slashing big line items, higher ed leaders can realize significant savings in finding smaller cuts that, all together, add up to make a huge impact.

University of Maryland, Baltimore County

Cost cut

Refurbishing rather than replacing classroom tablet armchairs

Savings


Link to main story: Colleges tackle budget pruning


$370,000 on 1,000 chairs

Trigger

Needed to replace after four decades of use had battered the chairs  

Nitty gritty

More than 500 colleges and universities provide some type of resource to help students address unexpected financial emergencies, according to a 2016 study by NASPA.

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